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Spinning reserve (SR) is the on-line reserve capacity that is synchronized to the grid system and ready to meet load demand within 10 minutes of a dispatch instruction by the ISO.
Spot Market (SM) is a real-time energy market for procuring emergency power when demand exceeds scheduled generation capacity plus reserve.
Day-Ahead Market is a market conducted prior to the commencement of each day and location-based hourly prices are set based on generation and energy transaction bids that were offered in advance to the ISO.